“The best marketing doesn’t feel like marketing.” — Tom Fishburne
What do think marketing is? Marketing being considered as an act of creativity is a huge myth. It is a practice of science which ages more than thousands of years and is never going to end. It just changes forms. Earlier it was done verbally, through radios, televisions, newspapers, hoardings, banners and magazines. Now more methods of marketing are being practiced and it’s medium is digital, through social media platforms, blogs, various browsers. Whether done through traditional or digital methods, the most important thing is doing the marketing properly. It is about talking about the things going in one’s mind and providing them a great offer. This article is about marketing and economics and is useful for people interested in knowing facts about marketing and economics which are not being discussed.
The law of marketing states that when the right product is pitched to the right person at the right time, it sells itself. It is about knowing the needs of people and coming up with a product that is the need of the hour. If this is followed properly, marketing becomes effortless and not stressful. The product starts selling itself. Digital marketing is a form of marketing done through digital platforms like social media, e-mail, blogging, vlogging etc. It is different from the traditional ways which included televisions, radios, newspapers, magazines etc. The digital marketing beginners sometimes get mistaken and start putting their main focus on the digital part. The marketing part is the most important part whether done in traditional or digital form. For beginners, goal setting is really crucial. Everyone should set a financial goal of about one crore rupees. One crore seems to be a huge amount but if we plan a strategy, it seems more achievable. If a product that costs ₹100 and is able to sell to 1,00,000 people then 1 crore can be made in revenue. Same story repeats when a ₹1000 product is sold to 10,000 people, ₹10,000 product is sold to 1,000 people and if a ₹1,00,000 product is sold to 100 customers. The cost of the product depends on the niche chosen by someone and the market of that niche.
For getting into digital marketing, a suitable niche selection is very important. Market research for finding a niche and it’s competition constitutes half of the hard work. A good niche can do wonders. A person can do niche selection by analyzing their passion, talent and market. These three play a key role in the niche. One should go deep into the niche instead of going wide. If a person is very passionate about handicraft but is not talented instead of having a huge market, then he would not be able to succeed. Similarly, If someone is passionate and talented about painting but there is no market for it then those paintings would not sell.
Understanding the audience and it’s needs and then creating a product that fulfills their needs leads to selling of products. A fair knowledge of global economics helps in understanding and selecting a target audience which can be worked on. For example, India is a developing country with a population of 1.3 billion people but these 1.3 billion people come from different strata of the country. According to a survey, Indian population can be divided into three parts based on the financial condition of people.
India I, India II and India III can be compared to Mexico, Philippines and Sub-Saharan Africa. India I has a population of about 110 million people and they constitute about 6% of the workforce. These people mainly consist of the urban population of the country which have the basic amenities, earn more than 5–6 lakhs per annum, they do online shopping and have a wi-fi connection. India II has about 104 million population and they constitute about 5.5% of the workforce. They are a part of the society which have about 3–4 lakhs as annual income, Have basic amenities but they do not know English and people with an internet connection, only consume online content in their native language. India III has a population of about 1126 million population. They do not even have access to basic amenities and constitute about 88% of the work force. The population of India even after being 1.3 billion, has great disparity. India I is generally taken as a target audience by the startups, whoa are able to buy the products. This was a brief description of Indian economics.
A very important aspect of marketing is the communication. A good communication does not only help in transactions but also helps in a connection formed by the customer even after the transaction which makes a customer buy the products again. Communication with the audience should done through use of easy language.
A product cannot be sold by just putting it’s link on a website or a blog or sending mails for people to purchase your product. A consumer base is created with a foundation of trust. Without developing trust amongst the audience, you cannot proceed. A factor of trust enables a person to invest into you in terms of time and money.
Marketing can be explained using a funnel that is CATT funnel.
Wealth= n^ CATT
The wealth or the revenue that is generated, depends mainly upon the niche that we select. The deep we go into the niche the more we explore. After niche selection, good content curation is done. Reaching the audience and grabbing their attention is the next step. Building trust amongst the audience is a next very crucial thing to do. As these steps are carried out, an audience starts to form, they start having trust and are ready to invest their time and money. This is when a product sells itself and a transaction is done. Giving the audience quality content is of utmost importance.
Following the CATT funnel along with integrated digital marketing helps in increased customer engagement and your credibility. The integrated digital marketing involves a mixed use of platforms. Content marketing is done through paid advertisements, social media platforms, email marketing along with SEO and the products are sold to the customers.
During digital marketing, evolution of personal branding takes place. First, a new skill is learnt and understood. The skill is then put to work. The implementation of skill learnt is very important for it’s refinement and exploration. Then, blogging is done by writing about the newly learnt skill and experience. The more a person writes, the more their writing skills get polished and refined. After learning a skill and implementing it, a person gets to know about it’s positive and negative aspects and discovers the right direction to move in. By acquiring the knowledge, consulting can be done for helping others to learn the skill. A whole new stage of person branding is achieved when a person starts mentoring people. The ultimate stage is mentoring that enables a person to go very deep into the niche and help others to succeed in it as well.
For concluding, I would like to mention that marketing is not an trait that gets inherited into people, it’s an acquired trait that is achieved by practicing and experimenting continuously. Marketing is a dynamic process that changes for different niches and different people. It’s all about experimentation and implementation and finding out the way that works for you. So everyone should keep experimenting. Giving up should never be an option. I would appreciate you if you leave a comment below and let me know if you found this article useful.
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